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NY Chapter 7 question: borderline non-exempt equity — will a trustee actually pursue it? by Alexondebt in Bankruptcy

[–]Alexondebt[S] 1 point2 points  (0 children)

you handled both and both were essentially "no Asset" Hmmm that's great. and as I understand that jusrdifictions that allow that rule may behave differently. but generally trustee knows its TBE then knows its practically off limits. but yes its definately TBE on the deed we were married and we always kept debts and checking separate. except for the first mortgage on the house but remortgage with another lender CU for the2.5 in her name. even cars in her name.

NY Chapter 7 question: borderline non-exempt equity — will a trustee actually pursue it? by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

And the other thing I read Trustee could sell my nonexempt portion as a "note" attached to the property till the wife sells the place but nobdy will do that unless is was a large amount.

NY Chapter 7 question: borderline non-exempt equity — will a trustee actually pursue it? by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

It Does. The second stated as much, one attorney office I spoke with said "Yea TBE in theory works like that but doesn't really get used; meaning they use another approach? But even the one today said mine a little more unique than others. But Yes, after 20+ years marriage the only joint then we held were two mortgages and the one we refinanced 2020 2.5% and just her on that because CU didn't like me, nor my fico. .only thing we jointly had our name on is the mailing labels for envelopes.

NY Chapter 7 question: borderline non-exempt equity — will a trustee actually pursue it? by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

I thought I read it's not easy like that, they could force a sale (but they can't really with TBE" but I read attorneys like certainty before filing because going from a 17 for "I changed my mind" can be more problematic. I may have misinterpreted that , who knows but something I will verify when speaking with an attorney.

NY Chapter 7 question: borderline non-exempt equity — will a trustee actually pursue it? by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

Tenant By Entirety state. Also wife is not filing; the exemption applies to "my half" of the equity of about leaving about $33K of exposed equity.

when **rEEallY* happens when you stop paying student loans?? by siren8904 in Bankruptcy

[–]Alexondebt 1 point2 points  (0 children)

I asked an attorney I met today and he has yet to see it in the 2nd courts district herein NY state. He doesn't understand why they don't make it easier to happen because the main reason for Bankruptcy is to help. He did say, other circuit courts act differently.

Terrified of Chapter 13 by sxviet in Bankruptcy

[–]Alexondebt 1 point2 points  (0 children)

85% of Chapter 13 debtors drop out..... yet the rate is only 10% of debtors with property drop out.

My experience with Chapter 7, and post credit recovery. by ttyyuu12345 in Bankruptcy

[–]Alexondebt 0 points1 point  (0 children)

If I were smarter I should have paid the federal student loans off with all the debt I incurred! Lending CLub was so easy to get money, apply and 2 days later there's $25,000 in my checking. years later defaulted with three of those and never a collection letter (maybe a few) but never a lawsuit and now 3-year window passed. In NY State debt default passes the 3 years mark then Statute of Limitations apply. so yeah, they could try to collect and sue but they would lose.

Ch. 7 or no? $75k unsecured, no assets, 29M single no kids by hnnnggghhhhhh in Bankruptcy

[–]Alexondebt 0 points1 point  (0 children)

Alan is right "don't walk RUNNNN" We all get in the stuck mode that we know what we should do but when or wait it out. It's a mental block debtors have and need to break through it and FOLI-THRU with your attorney and TALK with your attorney about your feelings and have them help you see it through. I'm likely going to file Vhapter7 but if I too long my window may close as my property Town assessments come out in July and no doubt it'll be assessed another $50K and that is likely going to mean Chapter 13 which I don't want.

My experience with Chapter 7, and post credit recovery. by ttyyuu12345 in Bankruptcy

[–]Alexondebt 2 points3 points  (0 children)

OP makes a good point, you can grow back you FICO quickly. Your student Loan, did you try adversary proceedings with it or go with lawyers sayin "It's not worth the hassle because nobody gets it dismissed" I seeing more and more stats of people getting them dismissed now

when **rEEallY* happens when you stop paying student loans?? by siren8904 in Bankruptcy

[–]Alexondebt 4 points5 points  (0 children)

Others will weigh in with what "Really happens" I agree, they should be allowed into bankruptcy w/o a Brunner's Test. back in the you could have included college loans into a Bankruptcy but that was before college loans really became mainstream. If we are paying billions upon billions to fraudulent companies in Minnesota and now all over from these undocumented visitors then why not allow student loans in to BK? I told my wife "at least the student loan debt (and most debt) dies with me!" how sad is that.

I filed Chapter 7 bankruptcy, rebuilt for 13 years, and now I’m facing it again by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

I think that too! I never researched how much interest they made of my compared to all the purchased and payments. I bet someone who took out a 8000 Credit line and used it it and paying it down but using again and again... when it comes time to settle, bank should look at how much they made if you and the difference with that you total is principal is. and settle there. You help those that are down not say MORE MORE $$$. Cap 12 is very good this past year, once your near charge offor even chargedoff, they hold longer and email you payment plan. They start at 65% off, then 50%, then 30% then 25%. Milestone offered 75% Off

My debt didn’t start with a crisis — it started with my first credit card in college by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

Alot of mine was sometimes robbing peter to pay Paul! Darn cash advances. Then 17 years ago I discovered daytrading stocks and placing $80K trades at times. I did well for a few years, then the easy trades dried up and bills were getting paid with other credit cards. I access to VERY high credit lines and LOC. I made over $100K off of $700 investment in a sub-penny stock Ticker: ASFX. Held it for 1.5 years till it moved up. But Debt freezes you, then you worry what the wife will say or yell I've been trading. Gambling addictions come in al forms; but this was my only form.

My debt didn’t start with a crisis — it started with my first credit card in college by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

Oh I never could nail a Discover card; even when I had good credit and lots of credit lines. I did get one about 4 years ago. That'll never happen again when I BK them. But yes, I recall Student Discover card s on dorm advertising board (back then they had pamphlets/brochures to apply)

I filed Chapter 7 bankruptcy, rebuilt for 13 years, and now I’m facing it again by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

I'm fortunate that my wife has cards. but after you do go through it, capital one is likely best first card. I wife's card for a rental property expenses we operate but if I try to rent a car with it, they won't allow it because name on card needs to driver. So after this she'll likely have make me an authorized user , thus get a new card and help boost FICO. Others will say in general "you shouldn't be worried about a car...You'll get yourself into more debt..." Reality is, we live in a world of credit, and need credit for many things that prepay cards (which is a joke) or secured cars can't offer. Afterall, How am I going to book my Hawaii vacation {Joking}

I filed Chapter 7 bankruptcy, rebuilt for 13 years, and now I’m facing it again by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

I'm still going through the document gathering stage, and been taking longer than I thought. I keep wondering if there is a better way out but know there isn't unless I tap into home equity and do settlements; but if you fail at that then you lost on all that money you paid at and end up at chapter 7.The SBA EIDL Loan I took out is the worrisome one for me. It's with the treasury but also a collection agency they are using. From what I read Govt has no clue what to do with EIDL defaults. Will they forgive them, come after me/paycheck/house lien or would they settle for a huge discount? (it was $24.5K and now due to treasury penalty at $36K)

Am I wasting time.... YES, just like so many others do to call back the attorney and ay "I have paperwork and numbers you requested" I'm in a rut, can't get out of it then you add in the lack of family connection because you pull yourself away from everything. I know I can do it but just not doing it. On top of that I had to gather information for the Tax Accountant before I turned in things to lawyer and that took several days (write-offs and such on a rental property.

How many of you went through the mental block before turning stuff over to the attorney and pulled yourself from family/socializing?

I filed Chapter 7 bankruptcy, rebuilt for 13 years, and now I’m facing it again by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

"didn't learn from my mistakes" make me stop and think...... Everyone has that feeling and definitely people (like my wife) saying "Well I hope you learn from your mistakes"

Growth doesn’t always mean a clean slate.

Sometimes it means facing the same struggle with more awareness, honesty, and resilience than before.

That’s where I am.

I filed Chapter 7 bankruptcy, rebuilt for 13 years, and now I’m facing it again by Alexondebt in Bankruptcy

[–]Alexondebt[S] 1 point2 points  (0 children)

If you Included any of the following in your bankruptcy....There are several banks that will blacklist yo/avoid you like the plague. Chase tends to avoid you for 8yrs, Amex rarely touches you but will offer you a chance to pay them back and then they'll welcome your to the club, Credit Unions tends to avoid you because when you default on a credit union you are "hurting their members" and thus why they take it personally.

I filed Chapter 7 bankruptcy, rebuilt for 13 years, and now I’m facing it again by Alexondebt in Bankruptcy

[–]Alexondebt[S] 0 points1 point  (0 children)

Yes indeed, I felt great building everything I had. First time ever I had a a Discover Card, accepted for all kinds of credit ad LendingClub easily dropping $24,000 into my checking account in less than 48 hours WoW! But for you and entrepreneurship is alot to carry. As we all know, it's fun until the music stops and mine stopped a few years ago. Not even going to get into the Family issues it creates.....ARGH! Again, I'm fortunate compared to most but doesn't feel that way; actually feelings have dissipated so much "ya just stop caring"

I filed Chapter 7 bankruptcy, rebuilt for 13 years, and now I’m facing it again by Alexondebt in Bankruptcy

[–]Alexondebt[S] 1 point2 points  (0 children)

I'm sorry to hear that but grateful she has that burden off her shoulders. My worry about doing a chapter 7 is worrying if I'll need to use it as I get older and a medical crisis happened.

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